COIN
Coinbase Global, Inc.
Other • CIK: 0001679788
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Market Cap
$86.35B
P/E (TTM)
26.6x
Rev Growth (TTM)
—
Net Margin (TTM)
41.9%
FCF Yield (TTM)
0.4%
FCF Margin (TTM)
4.2%
Cash Flow Health
Free Cash Flow5/8 positive
TTM$326M
Q3 '25
$-785M-339%
Q2 '25
$328M+280%
FCF Margin
TTM4.2%
Q3 '25-42.0%-291%
Sector: 4.1%Above Avg
OCF Margin4.2%
OCF/NI0.10x
CapEx Coverage–
FCF Yield0.4%
FCF Growth (2Y)–
Cash Conversion Cycle
-9 days
DSO: 12+DIO: 0−DPO: 21
Capital Allocation & Returns
Total Shareholder Yield
TTM0.0%
Div Yield0.0%
Insufficient data
Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$325.9M
Capital Return / FCF0.0%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
75.5%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
23.6%
Asset Turnover
0.13x
Leverage (1+D/E)
1.45x
D/E: 0.45x
DuPont: 4.6% ≈ 75.5% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
34.55x
8Q:–
Invested Cap Turn
3.20x
8Q:–
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $7.7B | $1.9B↑24.8% | $1.5B↓26.4% | $2.0B↓10.4% | $2.3B↑88.5% | $1.2B↓16.9% | $1.4B↓11.5% | $1.6B↑71.7% | $953.8M |
Operating Income | $2.2B | $480.5M↑2049.4% | $-24.6M↓103.5% | $705.8M↓31.7% | $1.0B↑510.0% | $169.5M↓50.6% | $343.1M↓54.9% | $760.5M↑557.8% | $115.6M |
Net Income | $3.2B | $432.6M↓69.7% | $1.4B↑2077.9% | $65.6M↓94.9% | $1.3B↑1610.5% | $75.5M↑108.9% | $36.1M↓96.9% | $1.2B↑330.1% | $273.3M |
Operating Cash Flow | $325.9M | $-784.5M↓338.8% | $328.5M↑279.8% | $-182.7M↓118.9% | $964.6M↑38.5% | $696.5M↑43.9% | $484.2M↑17.7% | $411.5M↑8034.5% | $-5.2M |
Free Cash Flow | $325.9M | $-784.5M↓338.8% | $328.5M↑279.8% | $-182.7M↓118.9% | $964.6M↑38.5% | $696.5M↑43.9% | $484.2M↑17.7% | $411.5M↑8034.5% | $-5.2M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
26.6x
Valuation Lenses
Earnings
26.6x
vs – sector
Cash Flow
55.8x
EV/FCF vs –
Growth-Adj
–PEG
N/A
Quality-Adj
0.4P/E per %ROIC
ROIC: 75.5%
Shareholder Returns
Dividend
–
Buyback
–
Total Yield
–
Market Cap$86.35B
EV–
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
61/100
High Quality
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Top 25%
28.5%
8Q:–
Return on Invested Capital (ROIC)Top 25%
75.5%
8Q:–
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 23.6%
Asset Turnover: 0.13x
Earnings Quality
Cash Conversion
0.10x
OCF / Net Income
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin85.4%
Capital Efficiency
Invested Capital Turnover3.20x
Working Capital
Cash Conversion Cycle-9 days
Growth Quality & Momentum
Growth Rates
Revenue Growth YoY
N/A
OpInc Growth YoY
183.5%
EPS Growth YoY
N/A
FCF 3Y CAGR
N/A
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
85.4%
Operating
28.6%
Top 25% in sector
Net
41.9%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
-37.7 pts
FCF: 4.2% | Net: 41.9%
FCF margin lags net margin by 37.7 pts
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $8.20B
Interest Coverage
–
+Net cash position: $8.20B
Leverage Metrics
Debt-to-Equity
0.45x
Balance sheet risk & solvency analysis